Nikkei- Topping pattern at critical price point?
via Kimble Charting
The Nikkei 225 now finds itself at its “Half Way” point of the 20-year crash, based up 1989 highs and 2009 lows. Could it be creating a topping pattern or major reversal at a critical price point? What this important index does at a key price zone could end up impacting stocks in the states and around the world?
Below looks at the chart patterns of the Nikkei 225 over the past 30-years on a monthly basis-
CLICK ON CHART TO ENLARGE
The chart above highlights that the Nikkei 225 is at its 50% Fibonacci retracement level of its 1989 highs and 2009 lows as well as testing it’s 1997 highs at the same time at (3). While testing this key retracement level, the Nikkei could be creating a bearish reversal pattern (bearish wick pattern) at (3).
While the Nikkei is testing what could be an important price point, London & France could be testing the tops of rising channels at the same time.